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Azuki NFT Crashes After Founder Admits to Past Rug Pulls

Azuki NFT Crashes After Founder Admits to Past Rug Pulls


Cryptoknowmics
2022-05-10 09:56:06
Azuki NFT Crashes After Founder Admits to Past Rug Pulls

Azuki, one of the most popular NFT collections, saw its prices tumble after its founder revealed a past affiliation with abandoned NFT projects. Azuki NFTs Declining Floor Prices In a blog post titled “A builder’s Journey”, the pseudonymous founder of the popular Azuki non-fungible token (NFT), Zagabond has admitted that he is also behind the NFT projects “CryptoPhunks”, Tendies and CryptoZunks, projects that are allegedly rug pulls. This news came as a shock to many holders of the Azuki project. For instance, within hours of Zagabond’s post being published, the collection’s floor price declined from roughly 19 ETH or $41,800 to about 10.9 ETH worth $24,000 at current prices. Meanwhile, the project wasn’t having the greatest month in terms of a floor price, either. According to data from NFT Price Floor, the collection’s starting price is down 56% in the past month and nearly 63% in the past week. The price crash could also be due to the overall bear market across crypto and NFTs. Founder Denies Rug Pull Accusations Zagabond has denied the rug-pull accusation levied against him by the crypto community for his involvement with Tendies, the CryptoPhunks, and the CryptoZunks NFTs. “Do I wish they were more successful? Of course. There was no product-market fit at the end of the day, but that doesn’t mean it’s a rug,” Zagabond said. Please read my post in full. We delivered everything that was promised for these collections. Do I ...

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